INCOME TAX ASSESSMENT ACT 1936

Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. No 114 of 2010, Sch 1 item 95 contains the following saving provisions:

95 Saving of regulations relating to stock exchanges
95
Despite the repeal of the definition of
approved stock exchange
in section 470 of the
Income Tax Assessment Act 1936
by item 37 of this Schedule, regulations made for the purposes of that definition that were in force immediately before this item commences continue in force on and after that commencement as if those regulations had been made for the purposes of the definition of
approved stock exchange
in the
Income Tax Assessment Act 1997
as inserted by item 81 of this Schedule.
96 Saving of elections relating to foreign hybrids
96
Despite the repeal of subsection 485AA(1) of the
Income Tax Assessment Act 1936
by item 37 of this Schedule, elections made under that subsection continue to have effect on and after the commencement of this Schedule as if that repeal had not happened.

Div 1 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. For saving provisions, see note under Part
XI
heading.

Former Subdivision B
-
Meaning of certain expressions used in this Part

Subdiv B repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. For saving provisions, see note under Part
XI
heading.

S 470 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. For saving provisions, see note under Part
XI
heading. S 470 formerly read:

(a)
in relation to a foreign company, has the same meaning as in Division
3A
of Part
III
; or

(b)
in relation to a foreign trust, means an instrument issued by the trustee of the trust, being an instrument that, if the trust were a company, would be a convertible note issued by the company, and includes an instrument that would be a convertible note within the meaning of Division
3A
of Part
III
if:

(i)
references in that Division to a company were references to the trust, or to the trustee of the trust, as the context requires; and

(ii)
references in that Division to shares were references to interests in the trust;

"deemed rate of return method"
has the meaning given by paragraph
534(2)(b)
in relation to a FIF and the meaning given by paragraph
534(3)(a)
in relation to a FLP;

"disposal"
, in relation to an interest in a FIF or a FLP, has the meaning given by section
488
;

"Part XI Australian resident"
means a resident within the meaning of section
6
but does not include an entity if:

(a)
there is a double tax agreement in force in respect of a foreign country; and

(b)
that agreement contains a provision that is expressed to apply if, apart from the provision, the entity would, for the purposes of the agreement, be both a resident of Australia and a resident of the foreign country; and

(c)
that provision has the effect that the entity is, for the purposes of the agreement, a resident solely of the foreign country;

"profit and loss account"
includes any similar statement and also includes statements, reports and notes attached to, or intended to be read with, a profit and loss account or similar statement;

Definition of
"
resident superannuation entity
"
substituted for the definition of
"
resident Part IX entity
"
by No 15 of 2007, s 3 and Sch 1 item 128, applicable to the 2007-08 income year and later years. The definition of
"
resident Part IX entity
"
formerly read:

"share"
, in relation to a foreign company, includes any interest in the capital of the company that is in the nature of a share or stock, including such an interest in the nature of a preference share (whether or not redeemable), a bonus share or a share with deferred rights;

Our commitment to you

We are committed to providing you with accurate, consistent and clear information to help you understand your rights and entitlements and meet your obligations.

If you follow our information and it turns out to be incorrect, or it is misleading and you make a mistake as a result, we will take that into account when determining what action, if any, we should take.

Some of the information on this website applies to a specific financial year. This is clearly marked. Make sure you have the information for the right year before making decisions based on that information.

If you feel that our information does not fully cover your circumstances, or you are unsure how it applies to you, contact us or seek professional advice.